While Singapore has a land area of only 710sq m, there are more than 2,000 private residential developments. As each development has its unique style, architecture and design to suit the myriad of taste and preferences, consumers are spoilt for choices.
From the annual iProperty Consumer Sentiments Survey, more than 2,000 Singapore respondents indicated thatlocation, price and area were the fundamentals of property selection in Singapore. As a follow-up, the inaugural People’s Choice Awards (PCA) was organised by iProperty.com to find out which projects are the hot favourites among consumers. Respondents could vote for whichever properties they felt were most deserving of the awards and unlike actually buying the property, they were not constrained by their budget.
I recall writing an article for iProperty.com several months ago and had selected some of the developments that I thought would stand a chance of winning some of the awards.
To recap, I thought that Marina Bay Suites stood a goodchance of winning the “Take my Breath Award” as the condominium overlooked the Marina Bay as well as the integrated resort. As for the “Object of Desire Award” I thought that the Interlace stood a very good chance of winning as world-renowned architects Ole Scheeren and Rem Koolhaas from OMA designed the development. As for the condominium that I would “bet my granny’s savings on” is My Manhattan as it was located near the top 3 most profitable developments from 2009 to 2012.
And the winners are…
City Slickers Award – Best Condominium in Orchard/CBD District:
Skyline @ Orchard Boulevard by Far East Organization
Life’s a Beach Award – Condominium with the Best Resort feel:
Seastrand by Far East Organization
Object of Desire Award – Condominium with the Best Architecture
The Palette by City Developments Limited
Property I would even bet my granny’s savings on Award – Condominium you think that has the highest appreciation potential
Gaia by Amerald Land Ptd Ltd
Saving Gaia Award – Best Eco-Friendly Condominium
eCO by Far East Organization
Supersize Me Award – Best Condominium for Families
Euhabitat by Far East Organization
Staycation Award – Condominium that has facilities of a hotel
Riversound Residence by Qing Jian Realty Pte Ltd
Swinging Single Party Pad Award – Condominium that is best for Singles
Altez by Far East Organization
Take my Breath Award – Condominium with the greatest views
H20 Residences by City Development Limited
Property with the Most Votes award
eCO by Far East Organization
What can we glean from the results?
One of the key observations was that many of the developments that won awards were located in the Outside Central Region (OCR). This goes to show that Singaporeans are starting to accept that desirabledevelopments do not necessarily have to be located in traditional hotspots like Districts 9, 10 and 11. While traditional hotspots still command a premium, consumers who are more particular on design, facilities, eco-friendliness, etc. are prepared to look beyond the Core Central Region (CCR).
If we were to take a look at developed countries such as the United States or Australia, many condominium projects there offer such special facilities such as a movie theatre, personal trainer in the gym, concierge service, etc. As Singaporeans become more discerning, it is no longer enough to just offer garden-variety facilities like tennis courts and swimming pools. To really stand out, developers would have to spend time to come up withunique identifying features such as one-of-a-kindarchitecture or even special facilities like rock-climbing walls and golf simulators.
Property investors hoping to find the next hot deal should also move beyond the conventional wisdom of “location, location, location”. With an area of only 710sq m, any part of Singapore is likely to be several minutes’ drive away from amenities or a shopping mall. Hence, to assess the potential of a project, they should also take into consideration the “feel good” factor that the projects elicit. Hopefully, you will remember this list of PCA winners and eventually use this information to help you decide on your next purchase.